Industry
Canada’s federal insurance regulator will probably impose a policy limit rule, but one that will look different from a controversial rule initially proposed in 2018, a lawyer familiar with insurance solvency rules told Canadian Underwriter. “There has not really been any change, per se, to the proposed rule released quite yet, and that is what […]
By Greg Meckbach | February 27, 2020
3 min read
MONTREAL – The Desjardins Group says last year’s theft of the personal data of its 4.2 million members ultimately cost the co-operative $108 million. The Quebec-based financial institution initially estimated the cost of a malicious employee’s breach – which also affected 1.8 million credit card holders – at $70 million. Chief executive Guy Cormier says […]
By Jason Contant | February 26, 2020
1 min read
Commercial rate increases gradually became steeper in 2019 and should continue like this for some time, says Prem Watsa, chairman and CEO of Fairfax Financial Holdings Ltd. Toronto-based Fairfax, the parent company of Northbridge Financial, recently reported a 21.6% increase in net premiums written from insurance and reinsurance operations, from $2.64 billion in the fourth […]
By Greg Meckbach | February 25, 2020
2 min read
British Columbia’s public auto insurer recently moved to a no-fault system for auto insurance, but at least one P&C industry consultant believes that all Canadian provinces (B.C. included) should instead look towards Quebec’s public-private hybrid auto insurance model for guidance. “I’m not up-to-date on what’s going on in Quebec, but last I heard, that system […]
By Jason Contant | February 24, 2020
MONTREAL – A rail blockade in eastern Ontario has led to backlogs at Canada’s three biggest ports, prompting some shippers to take their business elsewhere as cargo piles up and dockworkers’ paycheques shrink. The protest along Canadian National Railway tracks east of Belleville, Ont., has halted CN’s eastern network – about one-quarter of its operations […]
By Greg Meckbach | February 21, 2020
Joseph El-Sayegh has left his position as CEO of SCOR Canada to pursue other career opportunities, the Paris-based reinsurer announced Thursday. SCOR is proposing to replace El-Sayegh (pictured) with Paul Christoff, managing director and chief financial officer of the Americas Hub for SCOR, which A.M. Best Company Inc. ranked last year as the world’s fourth […]
For Intact clients in Nova Scotia, the difference in premiums paid by drivers with a conviction-free discount and those with a minor conviction or two is about to increase. In addition, the company will be removing some automatic emergency braking discounts in the province. As it currently stands, Intact’s auto clients in Nova Scotia with […]
By Greg Meckbach | February 19, 2020
Following years of significant commercial insurance losses, Insurance Bureau of Canada (IBC) has launched a national task force to examine ways to help Canadian consumers mitigate risk and manage costs. The National Commercial Insurance Task Force will bring together insurers, brokers, local chambers of commerce, small businesses, trucking stakeholders and risk experts to look at […]
By Jason Contant | February 18, 2020
Most property and casualty insurance professionals across the country would like to see a single business model for auto insurance across Canada – as long as it’s the one in their home province, it seems. In a recent online poll about public and private auto insurance, Canadian Underwriter heard the preferences of more than 950 […]
By David Gambrill | February 14, 2020
Canadian industries have a silo-ed approach to preparing for climate change, which is working against the Canadian P&C insurance industry’s desire to address climate change loss exposures and manage catastrophes, a pair of experts told a recent conference. For example, Canada’s P&C insurance industry would like the nation’s businesses to take steps to mitigate their […]
By Adam Malik | February 13, 2020
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